Documentos de Académico
Documentos de Profesional
Documentos de Cultura
TIRR 19.65%
(+) EBITDA 22,270 25,359 37,992 50,435 66,918
DSCR 2.55 2.90 4.35 5.78 9.35 Activos Depreci 65378
(+) SERVICIO DE LA DEUDA 8,730 8,730 8,730 8,730 7,156 9830
NOPAT 17,972 20,822 30,947 41,072 53,222 0 75208 25000
ROIC 22% 25% 37% 50% 64% Préstamo 33%
WACC 11.08% 11.08% 11.08% 11.08% 11.08%
EVA 8,821.16 11,671.16 21,796.16 31,921.16 44,071.16
ESTRUCTURA BASICA DE UN FLUJO DE CAJA VARIABLES ACTIVOS DEPRECIABLES CAPITAL INICIAL/OPERATIVO
Concepto/Años 0 1 2 3 4 5 Tasa de impues 25.00% 65,378 82,608
Inversion inicial -82,608 wacc - Tasa de 11.08%
Ingresos: 93,400 97,200 108,000 118,800 132,300 Depreciacion 10.00% DEPRECIACION
Venta servicio individual 86,400 97,200 108,000 118,800 132,300
Reservas para pago de flujo de caja 7,000 Tasa de intere 12.00% 6,537.8
Costos variables 10,400 10,400 10,400 10,400 10,400
ANALISIS DE SENSIBILIDAD
Costos fijos 56,400 56,400 56,400 56,400 56,400
Aumento AÑOS
Depreciacion 6,538 6,538 6,538 6,538 6,538 1.1 1 2 3 4 5
Alumnos 32 36 40 44 49
UTILIDAD OPERATIVA 20,062 23,862 34,662 45,462 58,962 Aumento tasa de interes Mensualidad 7,200 8,100 9,000 9,900 11,025
Impuestos 5,016 5,966 8,666 11,366 14,741 Disminucion en ventas Anualidad 86,400 97,200 108,000 118,800 132,300
(-) NOPAT 15,047 17,897 25,997 34,097 44,222 Aumento en costos
Capital de trabajo 5,000 5,000 5,000 5,000 5,000 Tipo de cambio Pago Mensual Correspondiente 225
(-) Financiamiento 8,730 8,730 8,730 8,730 7,156 Riesgo de mercado / precio
Pago de capital del prestamo 3,230 3,941 4,808 5,865 5,582 Pago Cliente 450
(-) Pago de los intereses del prestamo 5,500 4,789 3,922 2,865 1,574
Valor de desecho o rescate de los activos 35,000
Depreciación 6,538 6,538 6,538 6,538 6,538
(-) UTILIDAD NETA 7,854 10,704 18,804 26,904 38,603
FLUJO DEL PROYECTO -82,608 7,854 10,704 18,804 26,904 73,603
TIRR 13.77%
(+) EBITDA 18,370 21,459 31,392 41,135 54,918
DSCR 2.10 2.46 3.60 4.71 7.67 Activos Deprec 65378
(+) SERVICIO DE LA DEUDA 8,730 8,730 8,730 8,730 7,156 9830
NOPAT 15,047 17,897 25,997 34,097 44,222 0 75208 25000
ROIC 18% 22% 31% 41% 54% Préstamo 33%
WACC 11.08% 11.08% 11.08% 11.08% 11.08%
EVA 5,896.16 8,746.16 16,846.16 24,946.16 35,071.16
ESTRUCTURA BASICA DE UN FLUJO DE CAJA VARIABLES ACTIVOS DEPRECIABLES CAPITAL INICIAL/OPERATIVO
Concepto/Años 0 1 2 3 4 5 6 7 Tasa de impuesto 25.00% 65,378 82,608
Inversion inicial -82,608 wacc - Tasa de descuento 11.08%
Ingresos: 74,500 75,600 83,700 94,500 105,300 124,200 124,200 Depreciacion 10.00% DEPRECIACION
Venta servicio individual 67,500 75,600 83,700 94,500 105,300 124,200 124,200
Reservas para pago de flujo de caja 7,000 Tasa de interes Ptmo 12.00% 6,537.8
Costos variables 9,200 9,200 9,200 9,200 9,200 9,200 9,200
ANALISIS DE SENSIBILIDAD
Costos fijos 50,640 50,640 50,640 50,640 50,640 50,640 50,640
Aumento AÑOS
Depreciación 6,538 6,538 6,538 6,538 6,538 6,538 6,538 1.1 1 2 3 4 5 6 7
Alumnos 25 28 31 35 39 46 46
UTILIDAD OPERATIVA 8,122 9,222 17,322 28,122 38,922 57,822 57,822 Aumento tasa de interes Mensualidad 5,625 6,300 6,975 7,875 8,775 10,350 10,350
Impuestos 2,031 2,306 4,331 7,031 9,731 14,456 14,456 Disminucion en ventas Anualidad 67,500 75,600 83,700 94,500 105,300 124,200 124,200
(-) NOPAT 6,092 6,917 12,992 21,092 29,192 43,367 43,367 Aumento en costos
Capital de trabajo 3,000 3,000 3,000 3,000 3,000 Tipo de cambio Pago Mensual Correspondiente 225
(-) Financiamiento 8,730 8,730 8,730 8,730 7,156 0 0 Riesgo de mercado / precio
Pago de capital del prestamo 3,230 3,941 4,808 5,865 5,582 Pago Cliente 450
(-) Pago de los intereses del prestamo 5,500 4,789 3,922 2,865 1,574
Valor de desecho o rescate de los activos 35,000
Depreciación 6,538 6,538 6,538 6,538 6,538 0 0
(-) UTILIDAD NETA 899 1,724 7,799 15,899 25,573 43,367 43,367
FLUJO DEL PROYECTO -82,608 899 1,724 7,799 15,899 60,573 43,367 43,367
Factor de descuento o tasa de descuento 0.9003 0.8105 0.7297 0.6569 0.5914 0.5324 0.4793
FLUJO DEL PROYECTO ACTUALIZADO -82,608 810 1,398 5,691 10,444 35,823 23,089 20,787
(-) 1 2 3 4 5
VAN 98,042
98,042
Excedente economico 15,434
TIRR 14.70%
(+) EBITDA 8,430 8,819 16,052 25,795 36,878 57,822 57,822
DSCR 0.97 1.01 1.84 2.95 5.15 0.00 0.00 Activos Depreciables 65378
(+) SERVICIO DE LA DEUDA 8,730 8,730 8,730 8,730 7,156 0 0 9830
NOPAT 6,092 6,917 12,992 21,092 29,192 43,367 43,367 0 75208 25000
ROIC 7% 8% 16% 26% 35% 52% 52% Préstamo 33%
WACC 11.08% 11.08% 11.08% 11.08% 11.08% 11.08% 11.08%
EVA -3,058.84 -2,233.84 3,841.16 11,941.16 20,041.16 34,216.16 34,216.16
INVERSION INICIAL
Gastos fijos
Pintura, logos y decoración 9830
Insumos
Uniformes 175
Kit de limpieza 225
Barras 23285
Equipo de entrenamiento. 42093 65378
otros
VARIABLES PESO
WACC ke 12.1000000%
Peso 8.107000%
kd 9.0000000%
Peso 2.97000%
WACC 11.0770000%
ESTRUCTU
Panigas ref.
www.tesoro.es http://www.banguat.gob.gt/inc/ver.asp?id=/creditos/licitacionlpDeuda "D"
Damodaran Capital (Equity) "E"
http://people.stern.nyu.edu/adamodar/New_Home_Page/datafile/wacc.htm D+E
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html
-t) D/(D+E)
Este cambiara de
acuerdo a:
1. Composicion de
la estructura del
apital.
2. Costo de la
deuda, riesgo Pais
y tasa libre de
riesgo.
ESTRUCTURA DEL CAPITAL O PESO
33.00% D Financiamiento
67.00% E Propio o Capital pagado
100.00%
GASTOS VARIABLES
Costo
Publicidad 6000 500
Kit limpieza 1800
Kit Primero auxilios 1400
Optimista Conservador
Total Costo 9200 12800 10400
Costos
Publicidad 6000
Kit limpieza 1800
Kit Primero auxilios 1400
Total 9200
Gastos Fijos
Entrenadores 44,640.00
Mantenimiento 6,000.00
Alquiler 0
Clases al día
Días
Valor Semanas
Cantidad de clases 1488 Meses
Costo x Clase 30 Gimnasio Gratis y parqueo Cantidad de clase
Total pago 44640
Se descuenta desde el contrato comercial
Conservador
6.00 0.17 Clases al día 7.00
5.17 Días 5.00
4.00 Semanas 4.00
12 Meses 12
1488 Cantidad de c 1680
50400
56,400.00
Costo
Entrenadores 44,640.00
Mantenimiento 6,000.00
Total 50,640.00
Conservador
Clases al día 8.00
Días 5.00
Semanas 4.00
Meses 12
Cantidad de c 1920
57600
63,600.00
Industry Name Number of Firms Beta Cost of Equity
Advertising 52 1.18 8.96%
Aerospace/Defense 93 1.16 8.84%
Air Transport 22 0.98 7.80%
Apparel 64 0.99 7.88%
Auto & Truck 22 1.09 8.47%
Auto Parts 75 1.35 9.92%
Bank (Money Center) 13 0.81 6.81%
Banks (Regional) 676 0.53 5.20%
Beverage (Alcoholic) 22 1.06 8.24%
Beverage (Soft) 46 1.14 8.71%
Broadcasting 28 1.30 9.62%
Brokerage & Investment Banking 46 1.16 8.84%
Building Materials 39 1.12 8.59%
Business & Consumer Services 177 1.19 9.03%
Cable TV 18 0.91 7.42%
Chemical (Basic) 46 0.94 7.55%
Chemical (Diversified) 10 1.17 8.91%
Chemical (Specialty) 103 1.03 8.07%
Coal & Related Energy 42 1.64 11.61%
Computer Services 119 1.16 8.84%
Computers/Peripherals 64 1.21 9.13%
Construction Supplies 55 1.60 11.37%
Diversified 23 1.00 7.91%
Drugs (Biotechnology) 400 1.10 8.52%
Drugs (Pharmaceutical) 151 1.03 8.08%
Education 42 1.13 8.65%
Electrical Equipment 126 1.24 9.29%
Electronics (Consumer & Office) 28 1.37 10.06%
Electronics (General) 189 1.03 8.08%
Engineering/Construction 56 1.31 9.69%
Entertainment 84 1.21 9.10%
Environmental & Waste Services 103 1.28 9.56%
Farming/Agriculture 37 0.84 7.02%
Financial Svcs. (Non-bank & Insurance) 288 0.67 6.01%
Food Processing 96 0.99 7.88%
Food Wholesalers 14 1.41 10.29%
Furn/Home Furnishings 27 1.09 8.44%
Green & Renewable Energy 26 1.32 9.76%
Healthcare Products 261 0.99 7.86%
Healthcare Support Services 138 1.05 8.23%
Heathcare Information and Technology 127 0.95 7.63%
Homebuilding 35 1.29 9.57%
Hospitals/Healthcare Facilities 56 0.97 7.76%
Hotel/Gaming 80 1.18 8.96%
Household Products 135 1.03 8.08%
Information Services 67 1.11 8.58%
Insurance (General) 24 1.03 8.09%
Insurance (Life) 25 1.04 8.16%
Insurance (Prop/Cas.) 52 0.83 6.94%
Investments & Asset Management 148 1.10 8.48%
Machinery 137 1.23 9.22%
Metals & Mining 124 1.28 9.54%
Office Equipment & Services 25 1.34 9.89%
Oil/Gas (Integrated) 8 0.81 6.81%
Oil/Gas (Production and Exploration) 392 1.27 9.45%
Oil/Gas Distribution 85 0.96 7.71%
Oilfield Svcs/Equip. 161 1.54 11.04%
Packaging & Container 26 0.95 7.62%
Paper/Forest Products 22 0.84 6.97%
Power 82 0.83 6.94%
Precious Metals 147 1.29 9.61%
Publshing & Newspapers 43 1.15 8.77%
R.E.I.T. 213 0.79 6.69%
Real Estate (Development) 18 1.02 8.04%
Real Estate (General/Diversified) 11 1.82 12.63%
Real Estate (Operations & Services) 52 1.30 9.66%
Recreation 68 1.21 9.14%
Reinsurance 4 1.35 9.91%
Restaurant/Dining 79 0.89 7.30%
Retail (Automotive) 30 1.18 8.93%
Retail (Building Supply) 5 1.44 10.46%
Retail (Distributors) 90 1.12 8.58%
Retail (General) 23 1.03 8.10%
Retail (Grocery and Food) 21 1.05 8.20%
Retail (Online) 46 1.40 10.19%
Retail (Special Lines) 128 1.07 8.35%
Rubber& Tires 4 1.02 8.04%
Semiconductor 100 1.21 9.15%
Semiconductor Equip 47 1.23 9.26%
Shipbuilding & Marine 14 1.36 10.00%
Shoe 13 0.84 7.01%
Software (Entertainment) 20 1.12 8.58%
Software (Internet) 327 1.29 9.57%
Software (System & Application) 259 1.10 8.52%
Steel 40 1.31 9.72%
Telecom (Wireless) 21 1.15 8.78%
Telecom. Equipment 126 1.24 9.32%
Telecom. Services 77 1.07 8.31%
Tobacco 20 1.09 8.41%
Transportation 21 0.86 7.10%
Transportation (Railroads) 10 1.05 8.19%
Trucking 30 1.32 9.78%
Unclassified 8 0.10 2.77%
Utility (General) 21 0.59 5.58%
Utility (Water) 19 1.09 8.41%
Total Market 7887 1.06 8.29%
E/(D+E) Std Dev in Stock Cost of Debt Tax Rate After-tax Cost of Debt D/(D+E)
66.39% 51.52% 3.67% 4.13% 2.20% 33.61%
84.07% 50.15% 3.67% 14.87% 3.12% 15.93%
55.09% 53.32% 3.67% 18.71% 2.98% 44.91%
82.83% 56.24% 3.67% 11.16% 3.26% 17.17%
48.56% 43.52% 3.17% 4.45% 3.03% 51.44%
77.73% 53.89% 3.67% 11.05% 3.26% 22.27%
31.38% 39.98% 3.17% 26.43% 2.33% 68.62%
56.28% 37.41% 3.17% 20.66% 2.52% 43.72%
82.05% 55.14% 3.67% 8.54% 3.36% 17.95%
81.27% 61.94% 3.67% 5.55% 3.47% 18.73%
58.46% 62.12% 3.67% 18.34% 3.00% 41.54%
24.78% 44.77% 3.17% 13.99% 2.73% 75.22%
75.62% 43.52% 3.17% 17.45% 2.62% 24.38%
76.68% 52.77% 3.67% 13.30% 3.18% 23.32%
69.06% 52.83% 3.67% 21.18% 2.89% 30.94%
71.27% 50.32% 3.67% 10.88% 3.27% 28.73%
75.08% 41.14% 3.17% 22.47% 2.46% 24.92%
82.40% 51.80% 3.67% 11.16% 3.26% 17.60%
47.53% 74.62% 4.17% 0.99% 4.13% 52.47%
78.39% 59.41% 3.67% 10.48% 3.29% 21.61%
91.35% 66.35% 4.17% 7.35% 3.86% 8.65%
68.78% 47.26% 3.17% 16.28% 2.65% 31.22%
62.16% 32.85% 3.17% 13.96% 2.73% 37.84%
92.18% 93.06% 5.17% 1.48% 5.09% 7.82%
88.17% 75.04% 4.17% 4.58% 3.98% 11.83%
71.72% 70.19% 4.17% 12.18% 3.66% 28.28%
85.57% 65.34% 4.17% 5.99% 3.92% 14.43%
95.76% 56.16% 3.67% 4.50% 3.50% 4.24%
87.19% 69.01% 4.17% 8.64% 3.81% 12.81%
78.55% 47.91% 3.17% 14.18% 2.72% 21.45%
78.42% 58.48% 3.67% 4.11% 3.52% 21.58%
71.14% 65.61% 4.17% 6.31% 3.91% 28.86%
62.32% 41.59% 3.17% 9.36% 2.87% 37.68%
7.65% 38.80% 3.17% 18.49% 2.58% 92.35%
78.61% 42.05% 3.17% 13.70% 2.74% 21.39%
85.40% 35.73% 3.17% 13.47% 2.74% 14.60%
78.98% 54.24% 3.67% 14.48% 3.14% 21.02%
47.63% 53.18% 3.67% 1.94% 3.60% 52.37%
86.46% 64.48% 3.67% 6.73% 3.42% 13.54%
78.95% 46.72% 3.17% 13.27% 2.75% 21.05%
83.51% 70.49% 4.17% 6.35% 3.91% 16.49%
62.20% 53.78% 3.67% 18.11% 3.01% 37.80%
56.95% 43.11% 3.17% 10.93% 2.82% 43.05%
64.67% 49.55% 3.17% 11.41% 2.81% 35.33%
84.11% 61.63% 3.67% 10.46% 3.29% 15.89%
88.25% 42.71% 3.17% 17.93% 2.60% 11.75%
69.91% 35.35% 3.17% 19.21% 2.56% 30.09%
58.40% 34.48% 3.17% 24.30% 2.40% 41.60%
75.24% 36.73% 3.17% 22.18% 2.47% 24.76%
57.45% 41.63% 3.17% 6.84% 2.95% 42.55%
83.03% 46.22% 3.17% 15.64% 2.67% 16.97%
66.36% 74.49% 4.17% 1.80% 4.10% 33.64%
65.84% 49.87% 3.17% 18.65% 2.58% 34.16%
90.04% 33.56% 3.17% 14.56% 2.71% 9.96%
67.49% 71.93% 4.17% 7.04% 3.88% 32.51%
67.68% 43.15% 3.17% 4.68% 3.02% 32.32%
78.35% 65.23% 4.17% 10.99% 3.71% 21.65%
67.30% 31.06% 3.17% 18.18% 2.59% 32.70%
66.22% 44.94% 3.17% 11.54% 2.80% 33.78%
56.90% 29.70% 3.17% 20.77% 2.51% 43.10%
71.02% 93.69% 5.17% 1.33% 5.10% 28.98%
67.85% 50.42% 3.67% 14.93% 3.12% 32.15%
53.05% 31.55% 3.17% 1.24% 3.13% 46.95%
68.77% 43.65% 3.17% 7.21% 2.94% 31.23%
78.39% 45.97% 3.17% 9.39% 2.87% 21.61%
63.56% 50.05% 3.67% 8.63% 3.35% 36.44%
75.97% 50.41% 3.67% 11.25% 3.26% 24.03%
72.68% 21.20% 2.67% 15.53% 2.26% 27.32%
78.20% 44.43% 3.17% 15.14% 2.69% 21.80%
66.58% 48.06% 3.17% 18.76% 2.58% 33.42%
83.71% 50.71% 3.67% 30.64% 2.55% 16.29%
67.57% 52.06% 3.67% 16.84% 3.05% 32.43%
76.12% 46.36% 3.17% 21.36% 2.49% 23.88%
64.05% 51.83% 3.67% 22.94% 2.83% 35.95%
93.01% 70.16% 4.17% 9.38% 3.78% 6.99%
70.70% 51.42% 3.67% 20.44% 2.92% 29.30%
53.26% 49.54% 3.17% 13.58% 2.74% 46.74%
90.29% 57.12% 3.67% 10.11% 3.30% 9.71%
85.01% 60.18% 3.67% 6.88% 3.42% 14.99%
65.10% 71.45% 4.17% 6.75% 3.89% 34.90%
93.16% 40.80% 3.17% 20.15% 2.53% 6.84%
85.25% 69.84% 4.17% 1.46% 4.11% 14.75%
94.71% 72.48% 4.17% 5.07% 3.96% 5.29%
91.16% 61.85% 3.67% 6.86% 3.42% 8.84%
60.96% 52.45% 3.67% 13.99% 3.16% 39.04%
39.31% 53.05% 3.67% 5.76% 3.46% 60.69%
89.51% 62.74% 3.67% 8.70% 3.35% 10.49%
60.45% 55.60% 3.67% 11.83% 3.24% 39.55%
83.51% 41.74% 3.17% 12.39% 2.78% 16.49%
82.62% 42.36% 3.17% 20.08% 2.53% 17.38%
83.19% 30.73% 3.17% 21.30% 2.49% 16.81%
60.00% 48.49% 3.17% 27.38% 2.30% 40.00%
79.20% NA #N/A 3.93% #N/A 20.80%
62.00% 23.02% 2.67% 30.59% 1.85% 38.00%
66.59% 38.21% 3.17% 15.10% 2.69% 33.41%
60.19% 53.60% 3.67% 10.76% 3.28% 39.81%
Cost of Capital
6.69%
7.93%
5.64%
7.09%
5.67%
8.44%
3.74%
4.02%
7.36%
7.73%
6.87%
4.24%
7.13%
7.67%
6.02%
6.32%
7.30%
7.22%
7.69%
7.64%
8.68%
8.65%
5.95%
8.25%
7.59%
7.24%
8.51%
9.78%
7.53%
8.19%
7.90%
7.92%
5.46%
2.85%
6.78%
9.19%
7.32%
6.53%
7.26%
7.08%
7.02%
7.09%
5.64%
6.79%
7.32%
7.88%
6.43%
5.76%
5.83%
6.13%
8.11%
7.71%
7.39%
6.41%
7.64%
6.20%
9.46%
5.97%
5.57%
5.03%
8.30%
6.95%
5.02%
6.45%
10.52%
7.36%
7.72%
7.82%
6.30%
6.81%
9.17%
6.79%
6.76%
6.27%
9.74%
6.76%
5.56%
8.58%
8.38%
7.87%
6.71%
7.92%
9.27%
8.07%
7.16%
5.55%
8.69%
6.31%
7.48%
6.31%
7.24%
6.79%
#N/A
4.16%
6.50%
6.29%